FS Action Group Updates (FSAG Administrators only)

Quistclose Trust Issue - Update


As lenders will be aware, all client funds have been frozen by the joint administrators, and there does not seem to be any light at the end of this frozen tunnel.


From where I am standing, there appears to be a Mexican stand-off between the claimant and the joint administrators forming. This is partly due to the joint administrators position of remaining “neutral” in this matter. They have seemingly handed the entire fiasco over to the fractured client/lender base to handle, without offering any funds to the lenders to seek independent legal opinion.


I have been asked to post here by a FSAG member who is looking into the possible ramifications of the Quistclose issue for lenders.


Following enquires, it has been ascertained that the claim is not limited to £320k and a significant proportion of FundingSecure lenders accounts are possibly at risk. As lenders will be aware, their accounts have been frozen, yet service providers to FundingSecure (in administration) continue to be paid, which is continuing to deplete funds.


A member of FSAG is collecting via GoFundMe to seek Counsel initial opinion on the validity of the claim, and its possible ramifications. That information will hopefully place the lenders in a better position for deciding the next steps they need to take, or not.


Richard Colbey (as chosen by a poll on FSAG Facebook page) is the first choice, if adequate funds are raised. If that target isn't met, Huw Shepheard will be instructed.



Any unused funds will be returned to lenders, if the GoFundMe site allows.



Should anyone wish to donate, even a small amount, we would be most grateful, as every penny counts to be able to seek appropriate Counsel on this matter.


www.gofundme.com/f/legal-advice-funding?utm_campaign=p_cf+share-flow-1&utm_medium=copy_link&utm_source=customer


Many grateful thx to everyone.